Lipsy increases sales
Fashion retailer Lipsy posted sales of £80.5 million for the year to 28th January, an increase of 17 per cent over the previous year. However its operating profit fell by 3 per cent to £5.8 million. Lipsy trades from a stable of 40 UK stores plus a further 40 franchise stores overseas. It plans to open further stores this Autumn. The brand also sells online, currently via its own site and that of its parent company Next, as well as Asos. Most of its online sales are generated via the Next website and, for this reason, it has chosen to close its own site from January. Visitors will be then redirected to the Lipsy range on the Next site.
The business will be reducing its head office staff numbers accordingly.